In a Friday ruling, the Public Service Board also approved an agreement between the state and plant owner Entergy that requires the company to pay $10 million for economic development in Windham County and to set up a $25 million fund to restore the Vernon site after the nuclear plant is decommissioned.

Vermont Public Radio reports the board approved a memorandum of understanding (MOU) between Entergy and the state that was signed in December, ending years of legal battles.

“I am pleased that the Board agreed this MOU and the overall agreement we reached with Entergy is the best path forward” said Governor Shumlin in a statement emailed to the media. Shumlin noted the decision provides certainty and predictability for the plant’s employees.

Vermont Yankee has been producing electricity for more than 40 years, but it will cease operations later this year.

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